ChainLink Connects Smart Contracts to Any/All External Systems & APIs. Thi is secure blockchain middleware that allows smart contracts on various networks to connect with the critical resources they need to become useful for 90% of use cases.
“We’ve been creating secure oracles for Bitcoin and Ethereum for over 3 years, connecting smart contracts on various networks to critical external data feeds as triggers, and the many off-chain systems needed to become operational.”
How ChainLink works?
ChainLink is an interoperability-focused project that has been quietly working on solving the connectivity problem that is present in the current blockchain. Put simply, Chain Link wants to make it possible for blockchain-based smart contracts to connect to any and all external systems.
Predictions about ChainLink
Aapart from naturally increasing in value as the project gains more use and partnerships, the LINK token is used by smart contract owners to pay chainlink nodes for getting data from them and the more LINKs an oracle node has, the more reputable it is. So oracle node providers are incentivized to hold as much tokens in their chainlink nodes to appear more reputable to the chainlink network, gaining more usage and profit.
Chain link has been in the works for over 3 years and if Chainlink succeeds in creating their decentralized oracle and they successfully provide oracles for majority of cryptocurrency projects, the valuation of the LINK token will be insane.
Chainlink oracles can be made into pools, similar to mining pools on btc and eth where multiple people come and put their LINKs together to run a more secure oracle node and distribute the profits fairly between each other. This will be huge as it will effectively allow you to stake your crypto tokens and earn more of them passively without doing anything. One such pool in development is LinkPool.